We can provide finance for people who have had difficulties obtaining credit in the past,
if we can’t approve you, we don’t think anyone can!

How to get the Best Car Finance Deal

Posted on 02/02/2018

Getting approved for car finance is usually the first hurdle you have to overcome. Thankfully, we’ve got that covered for you with our 98% approval rate that we’ve worked so hard to achieve!

After you’ve got an approval, the next thing you want to do is make sure you’re getting a good deal on your car finance. We’ve got some tips on how you can make sure you’re getting the best car finance deal possible.

Our tips on getting the best car finance deal

1. Shop around

Make sure you shop around to find the best deal. Using a broker means you have instant access to a wide panel of lenders plus, they will do all the leg work for you! Our job is to find you the best car finance deal for your circumstances – so whether you have good credit, bad credit or no credit history at all we’ll work hard to get you a great approval rate.

2. Don’t just focus on the monthly payments

This is one of the figures that we find most people hone in on and whilst it’s important to make sure your car finance payments fit in with your monthly budget, it’s just as important to consider other costs that will affect the overall payment you make. Pay close attention to the Terms and Conditions of your car finance agreement and make sure you review the APR. The lower this is, the better, as it means it’s cheaper for you to borrow the finance in the first place.

It can be difficult to find good APR rates if you have a bad or poor credit history, but it is worth remembering that getting yourself onto the credit ladder is a good place to start if you really want to improve your credit score. By ensuring that you make all of your repayments on time you’ll gradually improve your credit file and eventually you will be able to refinance your car loan on a cheaper rate.

3. Have an open mind about the type of car you want

This is definitely something to keep in mind if you have a particularly poor credit score. If you have a bad or poor credit score, you should expect that interest rates will be slightly higher – to the lender you’re more of a risk to lend to. It’s important to find a car finance deal that you’re comfortable with and you can afford to repay. Owning an Audi or a BMW might be very aspirational if you have bad credit, as the amount of interest you have to repay on top of the car could make it more expensive for you.

We’d recommend coming in with an open mind about what type of car you’d like – as stated above, you can always rebuild your credit and refinance your car loan for a cheaper rate. And once you’ve repaired your credit rating, it will be more achievable to have a more expensive car, without draining your bank account!

4. Check your credit report

It’s a good idea to check your credit report before you apply for any type of credit so there are no nasty surprises further down the line! It also gives you the opportunity to correct any mistakes there might be on your credit report, to give yourself a better chance at being approved.

5. Consider which type of car finance is most suitable for you

With so many options out there, it can be hard to know which type of car finance is most suitable for you. If you get bored of your car quickly, then maybe consider taking out a Personal Contract Purchase agreement, alternatively if owning the car is your main priority then you may consider taking out a Hire Purchase agreement.

 

Man driving away his new car with the best car finance deal

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Registered with Information Commissioners Office ICO Registration Number: ZA132327

UK Car Finance Limited. Registered in England
Registered number 9397657.
Registered Office Lakeside House, 30 Northumbrian Way, Newcastle Upon Tyne, NE12 6EH

Refused Car Finance is a trading style of UK Car Finance Limited and is acting as a licensed credit broker and a lender, we are authorised and regulated by the Financial Conduct Authority, registration number 714966. All finance is subject to status and income. Applicants must be 18 or over, terms and conditions apply, guarantees and indemnities may be required.

Written quotations on request. Certain exclusions for NI residents.

Note: We cannot be held responsible for specification errors, and price errors, we use Motortrade software which is not always 100% accurate. Copyright 2017 Refused Car Finance.

Refused Car Finance can introduce you to a limited number of finance providers based on your credit rating and we may receive a commission for such introductions.

*Representative Example
Cash price – £8,500.00, Deposit – £0.00, Amount of credit – £8,500.00, Rate of interest – 16.24% per annum, Amount of interest – £6,912.00, Lender Documentation fee – £0.00, Lenders option to purchase fee – £10.00, Total charge for credit – £6922.00, First repayment – £256.70, Followed by 58 Monthly repayments of – £256.70, Final repayment – £266.70, Total amount payable – £15,412.00, Representative APR – 29.9%

*Last month, over 51% of Refused Car Finance customers that had their loan arranged were offered an APR of 29.9% or lower

In the first 3 months of this year, UK Car Finance Ltd received 2140 unique applications, of which we were able to offer 2136 applicants a line of credit, subject to the applicant being able to provide acceptable proof of affordability, being free from insolvency and or/a supporting guarantor fitting the lenders eligibility criteria, this represented 99.8% of applicants in this period.

Rated No.1 for car finance in the North East of England collated from Google Business Reviews

Refused Car Finance Reviews

4.90 Average

151 Reviews

I could not have been more happy with the service I received from Paige Walker. Not only was she extremely efficient, helpful and successful in sorting out my car finance; she was also absolutely charming, she has a very kind manner and was positive and helpful throughout the process. I really could not have hoped to have dealt with somebody as good as Paige. She is in my view a huge asset to your company, she made everything so easy and got me a great result. A very big thank you to Paige - and to your company.

refused car finance put me at ease from the very first phone call. After being turned down by numerous other companies, I didn’t have much hope but after speaking to Jacob about my credit file or lack of, he assured me it wasn’t nearly as bad as I thought it was. Got finance sorted in less than two days with literally half the interest I was quoted after being messed around for weeks by other companies. Jacob is a real asset to RCF, he kept me up to date every step of the way and was so easy to speak to! I Could not recommend RCF enough!!

The guy (dan) was amazing really helpful got everything sorted for me super fast explaining everything what a guy he really knows his stuff can’t thank you enough thanks